Community banking

In Brief: Bank Holdings Buying a Hometown Bank

Published May 19, 2006, 1:00 a.m. EDT

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Updated May 18, 2006, 7:43 p.m. EDT

1 Min Read

The Bank Holdings Inc. is buying a bank in its hometown of Reno to increase its deposit share there.

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The $401 million-asset Bank Holdings said Wednesday that it would buy the $151 million-asset NNB Holdings Inc., for about $36.1 million in cash and stock. The deal is expected to close in the fourth quarter or the first quarter of next year. NNB's two-branch Northern Nevada Bank would be merged into Bank Holdings' Nevada Security Bank.

Bank Holdings also said it plans to offer up to $10 million of common stock in a private placement.

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